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Coffeeshop Chit Chat - Teo Chee Hean: We'll remain open to FT!</TD><TD id=msgunetc noWrap align=right>
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</NOBR> </TD><TD class=msgDate noWrap align=right width="30%">Apr-24 10:12 pm </TD></TR><TR class=msghead><TD class=msgT noWrap align=right width="1%" height=20>To: </TD><TD class=msgTname noWrap width="68%">ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 6) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft width="1%" rowSpan=4> </TD><TD class=wintiny noWrap align=right>12174.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD>Kudos for rejecting protectionism
</TD></TR><TR><TD><!-- headline one : end --></TD></TR><TR><TD>Singapore's strategy to welcome foreign talent and business praised </TD></TR><TR><TD><!-- Author --></TD></TR><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Robin Chan
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Deputy Prime Minister Teo Chee Hean (left) chaired the two days of meetings, which ended yesterday, for the EDB's 10th International Advisory Council, made up of a panel of international business leaders. The council meets every two years to review the economic strategies of the EDB in pursuing economic growth for Singapore. -- ST PHOTO: ASHLEIGH SIM
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SINGAPORE has won high-level praise for its determination to further open the nation to business and foreign talent against a backdrop of growing fears of protectionism worldwide.
A panel of heavy hitters on the international corporate scene has given its full backing to the Republic's strategy.
Observers fear some nations, faced with growing job losses and economic stagnation, will erect trade barriers to shore up their domestic economy.
The select group of international business leaders is on a panel convened by the Economic Development Board (EDB), and forms its 10th International Advisory Council (IAC).
Deputy Prime Minister Teo Chee Hean, who chaired the two days of meetings held at the Raffles Hotel, said: 'The IAC agrees, at a time of economic crisis and concerns of rising protectionism, Singapore should further open up as a home for business, innovation and talent.'
The panel for the meetings, which ended yesterday, comprised 12 heads of industry spanning the United States, Europe and Asia. They include the bosses of Micron Technology, GE International and India's Tata Group.
The council meets every two years to review the economic strategies of the EDB in pursuing economic growth for Singapore. At its last meeting in April 2007, the panel's focus was attracting talent.
Mr Teo said an important focus of the meetings was finding ways to make Singapore not just a host for foreign companies and talent but also a home for them for the long term.
'We would like to see Singapore becoming a place where firms and businesses would like to set up and form long-term partnerships and they will bring their people and technology and from Singapore conduct their operations,' he said.
Singapore is well positioned especially as 'Asia will be the strongest growth story in the years to come', he added.
'Particularly during this period of economic crisis, the attributes that Singapore has, the strengths that we have, get accentuated. These include continuity of policy, credibility, stability. These are the kinds of attributes that will encourage companies to stay for the long term.
'While other parts of the world may close themselves up for the long stretch in accepting people, we will remain open to people of talent who continue to come to Singapore.'
Mr Robert McDonald, chief operating officer of Proctor & Gamble, said shifting the emphasis from Singapore as a 'host' to 'home' is important.
It means that 'rather than dealing with Singapore on a transactional basis... (firms) actually form a partnership and think of Singapore as (their) own home'.
EDB chairman Lim Siong Guan said that with 7,000 foreign companies already in Singapore, it is not a start from zero.
He said: 'The idea here is to move that way in a more deliberate manner.' Mr Teo added: 'This is a response to what the international companies are looking for. They are also looking for a place, a home, where they can command their businesses from, in this burgeoning part of the world, in Asia. It could be not just manufacturing, not just logistics, but a whole slew of activities...and also the decision-making part of it.'
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</TD></TR><TR><TD><!-- headline one : end --></TD></TR><TR><TD>Singapore's strategy to welcome foreign talent and business praised </TD></TR><TR><TD><!-- Author --></TD></TR><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Robin Chan
</TD></TR><TR><TD><!-- show image if available --></TD></TR><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
Deputy Prime Minister Teo Chee Hean (left) chaired the two days of meetings, which ended yesterday, for the EDB's 10th International Advisory Council, made up of a panel of international business leaders. The council meets every two years to review the economic strategies of the EDB in pursuing economic growth for Singapore. -- ST PHOTO: ASHLEIGH SIM
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->
SINGAPORE has won high-level praise for its determination to further open the nation to business and foreign talent against a backdrop of growing fears of protectionism worldwide.
A panel of heavy hitters on the international corporate scene has given its full backing to the Republic's strategy.
Observers fear some nations, faced with growing job losses and economic stagnation, will erect trade barriers to shore up their domestic economy.
The select group of international business leaders is on a panel convened by the Economic Development Board (EDB), and forms its 10th International Advisory Council (IAC).
Deputy Prime Minister Teo Chee Hean, who chaired the two days of meetings held at the Raffles Hotel, said: 'The IAC agrees, at a time of economic crisis and concerns of rising protectionism, Singapore should further open up as a home for business, innovation and talent.'
The panel for the meetings, which ended yesterday, comprised 12 heads of industry spanning the United States, Europe and Asia. They include the bosses of Micron Technology, GE International and India's Tata Group.
The council meets every two years to review the economic strategies of the EDB in pursuing economic growth for Singapore. At its last meeting in April 2007, the panel's focus was attracting talent.
Mr Teo said an important focus of the meetings was finding ways to make Singapore not just a host for foreign companies and talent but also a home for them for the long term.
'We would like to see Singapore becoming a place where firms and businesses would like to set up and form long-term partnerships and they will bring their people and technology and from Singapore conduct their operations,' he said.
Singapore is well positioned especially as 'Asia will be the strongest growth story in the years to come', he added.
'Particularly during this period of economic crisis, the attributes that Singapore has, the strengths that we have, get accentuated. These include continuity of policy, credibility, stability. These are the kinds of attributes that will encourage companies to stay for the long term.
'While other parts of the world may close themselves up for the long stretch in accepting people, we will remain open to people of talent who continue to come to Singapore.'
Mr Robert McDonald, chief operating officer of Proctor & Gamble, said shifting the emphasis from Singapore as a 'host' to 'home' is important.
It means that 'rather than dealing with Singapore on a transactional basis... (firms) actually form a partnership and think of Singapore as (their) own home'.
EDB chairman Lim Siong Guan said that with 7,000 foreign companies already in Singapore, it is not a start from zero.
He said: 'The idea here is to move that way in a more deliberate manner.' Mr Teo added: 'This is a response to what the international companies are looking for. They are also looking for a place, a home, where they can command their businesses from, in this burgeoning part of the world, in Asia. It could be not just manufacturing, not just logistics, but a whole slew of activities...and also the decision-making part of it.'
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